CPS Technologies Corporation Announces Phase II Award from the Department of Energy
17 September 2024 - 3:21PM
CPS Technologies Corporation (NASDAQ:CPSH) (“CPS” or the “Company”)
today announced that it has been awarded its second Phase II SBIR
contract this year. This award, from the U.S. Department of Energy,
will provide funding of $1.1 million over 24 months for CPS to
continue its development effort for “Modular Radiation Shielding
for Transportation and Use of Microreactors.” The Company’s Phase
II effort will again be led by materials scientist Matthew Karnick,
who served as the principal investigator during the successful
Phase I project.
“For the second time since June, we have received a Phase II
SBIR award. This is great recognition for our team, as it
acknowledges our ability to develop and deliver novel yet practical
solutions in response to well-defined requirements. We are
committed to addressing critical customer needs – in this case,
lightweight shielding for nuclear radiation,” said Brian Mackey,
President & CEO of CPS. “This project will enable us to expand
our product portfolio and pursue a broader range of commercial
opportunities. In addition, these awards are based on manufacturing
technologies already in use at CPS, which we are leveraging to
pursue customer applications in new markets. We are very excited
about this award and what it means for the future of CPS.”
During Phase I, CPS successfully developed and tested
lightweight, modular radiation shielding which can block both gamma
and neutron radiation. Phase II will continue this work for two
years, with a focus on further optimizing the materials developed
in Phase I and scaling manufacturing processes for
commercialization. For the Phase II effort, NETCO, a division of
Curtiss-Wright Nuclear, will serve as a subcontractor to CPS.
Curtiss-Wright has significant experience with radiation shielding,
and their scope of work will include planning and executing
radiation testing.
CPS filed a provisional patent application in July 2024 which
captures the novel designs developed by the Company during Phase I.
Commercial opportunities are being explored, with applications that
satisfy both mobile and stationary requirements. Along with the
Phase II SBIR contract received from the US Navy in June, the
Company’s SBIR funding in recent years now exceeds $3 million.
About CPSCPS is a technology and manufacturing
leader in producing high-performance materials solutions for its
customers. The company’s products and intellectual property address
critical needs in a variety of applications, including electric
trains and subway cars, wind turbines, hybrid vehicles, electric
vehicles, Navy ships, the smart electric grid, 5G infrastructure
and others. CPS hermetic packages can be found in many Aerospace
and Satellite applications. CPS’ armor products provide
exceptional ballistic protection and environmental durability at
very light weight. CPS is committed to innovation and to supporting
our customers in building solutions for the transition to clean
energy.
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are not historical facts or which apply prospectively, including
those relating to 2024 financial results, are forward-looking
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"anticipates" and similar expressions. Investors should not rely on
forward-looking statements because they are subject to a variety of
risks and uncertainties and other factors that could cause actual
results to differ materially from the company's expectation.
Additional information concerning risk factors is contained from
time to time in the company's SEC filings, including its Annual
Report on Form 10-K and other periodic reports filed with the SEC.
Forward-looking statements contained in this press release speak
only as of the date of this release. Subsequent events or
circumstances occurring after such date may render these statements
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CPS Technologies Corporation111 South Worcester Street Norton,
MA 02766www.cpstechnologysolutions.com
Investor Relations:Chris
Witty646-438-9385cwitty@darrowir.com
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